Trump Tax Plan for Individuals: A Complete Breakdown

This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission.

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President Donald Trump plans to release a “phenomenal” tax cut plan in the next few weeks.

While he plans to cut business taxes, the Trump tax plan for individuals may have the biggest impact on your wallet.

Here’s a look:

Trump Tax Plan – Single Tax % Trump Tax Plan – Married Filing Jointly Tax %
$0 – $37,500 12% $0 – $75,000 12%
$37,500 – $112,500 25% $75,000 – $225,000 25%
$112,500+ 33% $225,000+ 33%

 

Current Tax Plan – Single Tax % Current Tax Plan – Married Filing Jointly Tax %
$0 – $9,275 10% $0 – $18,550 10%
$9,275 – $37,650 15% $18,550 – $75,300 15%
$37,650 – $91,150 25% $75,300 – $151,900 25%
$91,150 – $190,150 28% $151,900 – $231,450 28%
$190,150 – $413,350 33% $231,450 – $413,350 33%
$413,350- $415,500 35% $413,350 – $466,950 35%
$415,050+ 40% $466,950+ 40%

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